The Development Of Equity Capital Markets In Transition Economies
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Capital Market Development In Transition Economies Country Experiences And Policies For The Future
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 1998-10-06
Capital Market Development In Transition Economies Country Experiences And Policies For The Future written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-10-06 with categories.
The book, the first time, critically evaluates the evolution of both equity and securities markets in transition economies.
The Development Of Equity Capital Markets In Transition Economies
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Author : Dirk Willer
language : en
Publisher: Physica
Release Date : 2012-03-14
The Development Of Equity Capital Markets In Transition Economies written by Dirk Willer and has been published by Physica this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-03-14 with Business & Economics categories.
This book addresses two different but related topics that can arise during the development of equity capital markets and which could possibly hinder their development: partial privatisation and shareholder rights. Both issues are developed in the context of transition economies in general and Russia in particular. Chapter 2 puts forward a theory of partial privatisation, i. e. a model that aims to explain why the state keeps some residual shares. Several recent surveys for Russia have shown that the state does often not actively use the voting rights of its residual shares. If this was true, partial privati sation could entrench management and hinder restructuring. It would also limit the supply of shares, which could lead to low liquidity. This would be likely to slow down the development of the equity capital market. However, the model in chapter 2 shows that it can be rational to hold back shares from sale in order to maximise privatisation receipts. Another issue which holds back the development of this market is the fact that shareholder rights can not be guaranteed by the state due to weak institutions. Chapter 3 contains an empirical examination of which firms honour shareholder rights and also provides a direct link between this problem and partial privatisation. Maybe surprisingly, some weak evidence is presented that shows that the residual state holding does not exert a negative influence with respect to the introduc tion of shareholder rights, but might even be a weak positive force.
Capital Market Development In Transition Economies
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Author : Eva Thiel-Blommestein
language : en
Publisher: Organisation for Economic Co-operation and Development
Release Date : 1998
Capital Market Development In Transition Economies written by Eva Thiel-Blommestein and has been published by Organisation for Economic Co-operation and Development this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.
On cover & title page: OECD proceedings. - Papers from "Conference on the Development of Securities Markets in Central & Eastern Europe & Russia", Paris, 20-21 October 1997
Equity Markets In Transition
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Author : Reto Francioni
language : en
Publisher: Springer
Release Date : 2017-01-17
Equity Markets In Transition written by Reto Francioni and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-17 with Business & Economics categories.
This book underscores the complexity of the equity markets, the challenges they face, and the fact that they are still a work in process. Three interacting forces drive market change: competition, technology change, and regulatory change. The markets have one major objective in particular to achieve: the delivery of accurate price discovery for both traders and the broader market. Are we getting it? Are competition, technology, and regulation acting together to improve market quality, or are they adding to the complexity of the markets and making accurate price discovery harder to achieve? The difficulty of addressing these issues and reaching a consensus regarding public policy is reflected in the diverse opinions expressed in this book. From an institutional perspective, the volume’s contributors highlight the interconnectedness of all aspects of the internal and external environment within which exchange organizations act. Equity Markets in Transition underscores how technological evolution and recent regulatory changes have influenced the business, and how these developments have opened new possibilities for exchange organizations and for equity markets as a whole, including such issues as the impact of equity markets on job creation. The book combines both a theoretical and a practical approach. Part I presents a theoretical overview of the international equity market business, including an overall description of the value chain of stock trading that includes deep dives on every decisive step. Part II contains contributions from various business specialists who have specific practical and academic knowledge of the different steps. Equity Markets in Transition represents a unique combination of theoretical and practical analysis that offers first-hand insights on all relevant interactions and interrelations among the various parts of the exchange business, with an emphasis on facilitating analysis of the status quo and of emerging trends regarding business models, regulation, and the development of the competitor, customer and investor sides.
The Role Of Credit Markets In A Transition Economy With Incomplete Public Information
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Author : Mr.Jorge Roldos
language : en
Publisher: International Monetary Fund
Release Date : 1996-02-01
The Role Of Credit Markets In A Transition Economy With Incomplete Public Information written by Mr.Jorge Roldos and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-02-01 with Business & Economics categories.
In this paper we explore some of the informational problems that constrain the development of credit markets in transition economies. We characterize investment patterns under uncertainty and high costs of entry, when agents learn about the ultimate value of enterprises through production in a Bayesian way. Inefficiencies due to the lack of public information reduce the average return to capital. Under asymmetric information, credit would go to activities that can provide enough co-finance. Credit markets may fail to develop for a while if there is not enough individual wealth to complement credit. Once they operate, credit markets may magnify distortions in equity markets, such as those due to spontaneous privatization. An argument for the sequencing of capital market liberalization is provided.
Company Management And Capital Market Development In The Transition
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Author : Marvin R. Jackson
language : en
Publisher:
Release Date : 1994
Company Management And Capital Market Development In The Transition written by Marvin R. Jackson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Capital market categories.
This text discusses the development of company management and capital markets in the rapidly changing Central and Eastern Europe. It covers topics such as different privatization methods in different countries, and financial structure, performance and the banks of these countries.
The Future Of Domestic Capital Markets In Developing Countries
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Author : Robert E. Litan
language : en
Publisher: Rowman & Littlefield
Release Date : 2003-09-05
The Future Of Domestic Capital Markets In Developing Countries written by Robert E. Litan and has been published by Rowman & Littlefield this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-09-05 with Business & Economics categories.
The Future of Domestic Capital Markets in Developing Countries addresses the challenges that countries face as they develop and strengthen capital markets. Based on input from the world's most prominent capital market experts and leading policymakers in developing countries, this volume represents the latest thinking in capital market development. It captures the views of a global gathering of experts, with perspectives from developing and developed countries, from all regions of the world, from the public and private sector. This volume should be of interest to senior financial sector policymakers from developed and developing countries in securities and exchange commissions, regulators, central banks, ministries of finance, and monetary authorities; private sector executives in stock exchanges, bond markets, venture capital markets, and investment funds; and researchers and academicians with an interest in capital market development in emerging markets. What are the key factors threatening the development and survival of stock exchanges in developing countries? What domestic strategies are needed to protect the future of local markets? Should exchanges consider linkages or alliances? Merging with, or buying up, other exchanges? Demutualization? The volume provides practical guidance on strategies such as nurturing issuers, improving rules and institutions, addressing regulatory challenges, and sequencing reforms. The contributors address a variety of country experiences, and suggest steps that policymakers and practitioners in emerging markets can take to promote an orderly transition toward efficient, well-regulated, and accessible capital markets. Contributors include Reena Aggarwal (Georgetown University), Alexander S. Berg (World Bank), Alan Cameron (Sydney Futures Exchange), Olivier Fremond (PSACG), Amar Gill (Credit Lyonnais Securities Asia), Gerd Hausler (IMF), Jack Glen (International Finance Corporation), Peter Blair Henry (Stanford University Graduate School of Business), Patricia Jackson (Bank of England), Ruben Lee (Oxford Finance Group), Robert Litan (Brookings Institution), Clemente Luis del Valle (Securities and Exchange Commission of Colombia), Sanket Mohapatra (Columbia University), Alberto Musalem (World Bank), Dilip Kumar Ratha (World Bank), Ajit Singh (University of Cambridge), Philip Suttle (DECPG), V. Sundararajan (IMF), Thierry Tressel (IMF), Philip Turner (Bank for International Settlements), and Piero Ugolini (IMF).
Capital Markets In Southeast Europe
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Author : Ante Dodig
language : en
Publisher: Springer Nature
Release Date : 2022-09-26
Capital Markets In Southeast Europe written by Ante Dodig and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-09-26 with Business & Economics categories.
This book considers the theme of capital markets prowess and its link with surrounding economic dexterity. It presents the story on the back of dual intertwined cornerstone pillars: The initial agenda sets the global macroeconomic context and its interplay with financial markets and sub-segment capital markets. Then the book moves to the evolvement of the inherent capital markets, from nascence to present day, and through profiling of the current operating surroundings. The latter pillar performs empirical research built upon Eugene Fama’s weak form efficiency theorem with statistical testing results further framing the comprehensive findings on five selected southeast European developing capital markets. Jointly the two parts present the first such well-documented capital markets set up complemented by wide-ranging empirical findings of inefficiency. The book introduces at first the global perspective, in which the growing globalization in the past decades has led to improved efficiencies, to faster innovation, and to greater systemic connectedness and meaningfully so by an increasing contribution from transitioning economies. Nevertheless, in higher systemic concentration there is an implied higher volatility risk and evidence has revealed dichotomous reaction through divergence in impact between the developed and the developing economies. The capital markets industry is at the forefront of financial innovation and many aspects in its function and power are a determining factor in wider socio-economic progress. The findings uncover details of market structure and role and with that this work creates significant new knowledge on the industry, and will be of particular interest to investors, taxpayers, academics, researchers, and policy makers of capital markets.
Creating Capital Markets In Central And Eastern Europe
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Author : Gerhard Pohl
language : en
Publisher: World Bank Publications
Release Date : 1995-01-01
Creating Capital Markets In Central And Eastern Europe written by Gerhard Pohl and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995-01-01 with Business & Economics categories.
Addresses the challenge Hungary faces in overcoming threatening deficits in its current and fiscal accounts without hampering economic growth. The Hungarian economy is emerging from a severe four-year recession with positive developments on numerous economic fronts, but with major weaknesses remaining because of large current and fiscal account deficits. This book addresses the challenge Hungary faces in overcoming these deficits without hampering economic growth. The report examines the country's macroeconomic performance in the first half of the 1990s and the stabilization package launched in March 1995. It explores the structure of fiscal revenues, pension reform, and enterprise and banking reforms. The study also looks at the impact of structural reforms on future economic growth and at Hungary's bid to integrate with the European Union.
International Capital Markets
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Author : John Eatwell
language : en
Publisher: Oxford University Press, USA
Release Date : 2002
International Capital Markets written by John Eatwell and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.
Comprising 19 commissioned articles, this collection addresses the global issues of volatility in equity and foreign exchange markets and the regulatory scene in developed and emerging markets.